Digital Assets: Quarterly Review and Outlook Q2

Digital assets remained under pressure in Q2 2026, posting a third consecutive quarter of losses — the longest losing streak since the 2022 bear market, when bitcoin declined for four straight quarters.

July 9, 2026

Report Summary

Bitcoin spot ETFs recorded a record $4.67 billion in Q2 net outflows — the largest quarterly redemption since spot products launched.
The macro backdrop remains the primary variable. Under new Fed Chair Kevin Warsh, the central bank is expected to hold rates through Q3, leaving limited room for the policy easing that has historically supported risk-asset recoveries.
Performance diverged sharply across major asset classes in Q2. The S&P 500 and Nasdaq 100 rallied 14.9% and 27.2% to 7,499 and 30,241, supported by a powerful rotation of capital into AI and technology equities.

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